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News Indirect Tax-GST

  • Apr 23, 2019
  • Government Extends Deadline For Filing GST Sales Return For March By 3 Days

    The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23. "Due date for filing GSTR-3B for the tax period March 2019 has been extended to April 23, 2019," a ticker on GST portal 'gst.gov.in'' said. The last date for filing summary sales return and payment of taxes for March is April 20, 2019.

  • Apr 22, 2019
  • Govt extends deadline for GST sales return for March until 23 Apr

    The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23. "Due date for filing GSTR-3B for the tax period March 2019 has been extended to April 23, 2019," a ticker on GST portal ‘gst.gov.in’ said. The last date for filing summary sales return and payment of taxes for March is April 20, 2019. AMRG & Associates Partner Rajat Mohan said, “Glitches in GSTN is leading to frequent extensions in the filing of tax returns.

  • Apr 20, 2019
  • Circular trading & GST evasion charges: Taxman may have to review arrest strategy

    The indirect tax department that had arrested many promoters for circular trading and escaping goods and services tax may have to rethink its strategy after the Mumbai High Court granted bail to many of them. The arrests came after the indirect tax department issued notices in February this year and raided premises of several companies for allegedly inflating turnover through fake invoices to shell companies.

  • Apr 17, 2019
  • Interest-free security deposit for lease will not attract GST, rules AAR

    Interest-free security deposit, given for leasing a commercial property, will not attract Goods & Services Tax (GST), according to a ruling by the Maharashtra Authority for Advance Ruling. However, if at the time of completion of lease tenure, the entire deposit or a part of it is withheld and not paid, as a charge against damages etc., then such amount withheld will be liable to GST as per the present GST laws, it said.

  • Apr 17, 2019
  • 12% GST on RECs: Renewable power companies move Delhi High Court

    Renewable power companies have moved the Delhi High Court, seeking to exempt the renewable energy certificates (RECs) from the goods and services tax (GST). The case will also have implications on priority sector lending certificates, used widely in the banking sector. These certificates current attract a GST rate of 12 per cent. The court on Tuesday issued notices to the Centre, the GST Council and the Central Board of Indirect Taxes and Customs in this regard.

  • Apr 16, 2019
  • Businesses with turnover over Rs 2 crore can now start filing GST audit reports for FY18

    Businesses with an annual turnover of over Rs 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network (GSTN) has made its format available on its portal. The audit report for 2017-18, the first year of the goods and servicesNSE -1.26 % tax (GST) implementation, is to be filed by June 30. The ministry on December 31, 2018, notified the annual returns forms GSTR-9, GSTR-9A and GSTR-9C. The GST Council in December extended the last date for filing these forms by three months to June 30.

  • Apr 15, 2019
  • Time to soften GST blow on MSMEs

    Change is not always easy to adapt to, especially when it is a completely new tax regime like the Goods and Services Tax (GST), which even proponents of reforms acknowledge is very complex. No surprises then, that it drew more flak than applause when the Narendra Modi-led government initiated the move and made it a reality on July 1, 2017.

  • Apr 12, 2019
  • Builders facing tough choice in GST rates for ongoing realty projects

    Builders and home buyers are trying to understand the best deal for them under the new Goods and Services Tax (GST) rates for ongoing projects and it seems to be turning into a double-edged sword for some. Real estate developers have time until May 10 to decide on whether to stick to the old 12 (residential) or 8 per cent (affordable housing) rate with input tax credit or the new 5 per cent (residential) and one per cent (affordable housing) rate with no credits.

  • Apr 11, 2019
  • GST evasion in Gujarat: Rs 360 crore recovered in 1,500 cases

    The Goods and Service Tax (GST) department has registered over 1,470 cases of tax evasion in the financial year 2018-19 and recovered around Rs 360 crore in Gujarat.Talking to FE, a senior official in the state GST department said that the authorities had also arrested 14 businessmen for tax evasion. The biggest case of evasion was registered at Gondal town in Rajkot district after the authorities unearthed a fake billing racket of nearly Rs 470 crore. In connection with the case, three persons were arrested, he said.

  • Apr 11, 2019
  • Govt extends last date for filing final sales return for March till April 13

    he government Wednesday extended the last date for filing final sales return form GSTR-1 for March by two days till April 13. Similarly, the due date for furnishing tax deducted at source (TDS) return GSTR-7 for March has also been extended till April 12. The last date for filing GSTR-1 and GSTR-7 for the month was April 11 and April 10, respectively. “The details of outward supply of goods or services or both in Form GSTR-1 of the Central Goods and Services Tax Rules, 2017, for the month of March 2019 shall be furnished electronically through the common portal, on or before April 13, 2019,” the Central Board of Indirect Taxes and Customs (CBIC) said in a notification.

  • Apr 09, 2019
  • Service providers can opt for GST composition scheme by April 30: CBIC

    The tax department has given service providers with turnover of up to Rs 50 lakh time till April 30 to opt for the composition scheme and pay 6 per cent GST. The option to pay Goods and Services Tax (GST) at reduced rate of 6 per cent would be effective from the beginning of the financial year or from the date of obtaining new registration during the financial year.

  • Apr 08, 2019
  • Council to review food aggregator's GST woes

    Online food aggregators such as Zomato, Swiggy and UberEats are facing a curious issue in goods and services tax (GST) compliance, prompting a review. The aggregators are unable to show tax collected at source (TCSNSE 0.92 %) from restaurants using their platform, thereby preventing the partner restaurants from claiming credit. The government has referred the matter to a law committee under the GST Council. “The industry has represented the issue... It will be examined by the law committee,” said a government official privy to the developments. Zomato, Swiggy and UberEats declined to comment on the issue.

  • Apr 08, 2019
  • ATF should be brought under GST to provide level playing field to airlines: Suresh Prabhu

    Aviation turbine fuel (ATF) should be brought under the Goods and Services Tax (GST) regime as it will ensure a level playing field for the domestic airline industry, Civil Aviation Minister Suresh Prabhu said. He said input costs should be competitive for any sector and the ministry has been of the strong view that the fuel should be brought under the GST regime. Different rates of taxes in states pushes the price of ATF, he said.

  • Apr 08, 2019
  • Service providers can opt for GST composition scheme by April 30: CBIC

    The tax department has given service providers with turnover of up to Rs 50 lakh time till April 30 to opt for the composition scheme and pay 6 per cent GST. The option to pay Goods and Services Tax (GST) at reduced rate of 6 per cent would be effective from the beginning of the financial year or from the date of obtaining new registration during the financial year.

  • Apr 08, 2019
  • GST officers seek clarification from companies for mismatch in sales returns, e-way bill data

    GST officers have started seeking clarification from companies whose tax payments did not match with the e-way bills generated, as revenue authorities start matching supplies data to check tax evasion, sources said. Touted as an anti-evasion measure, e-way bill system was rolled out on April 1, 2018, for moving goods worth over Rs 50,000 from one state to another. The same for intra or within the state movement was rolled out in a phased manner from April 15, 2018.

  • Apr 04, 2019
  • CBIC asks GST officers to be cautious while processing fresh registration

    Cracking down on tax evaders, the CBIC has asked tax officers to be cautious while processing application for fresh GST registration by those businesses whose earlier registration has been cancelled due to non-compliance. The Central Board of Indirect Taxes and Customs (CBIC) also directed tax officers to analyse the information by an applicant in the fresh registration form regarding details of proprietor, director/members of managing committee of associations/board of trustees etc vis-a-vis any cancelled registration having same details.

  • Apr 03, 2019
  • Realtors have time till May 10 to opt for old GST rates

    Real estate firms have time till May 10 to communicate to their respective jurisdictional officers whether they want to continue with the old GST rates with input tax credit, failing which they will be deemed to have migrated to new tax rates.The GST Council had given the option to real estate companies to either opt for old rates of 12 per cent (for residential) and 8 per cent (affordable housing) with input tax credit (ITC) benefits or the new tax rates of 5 per cent for residential units and 1 per cent for affordable housing without the benefit of adjusting the credit on inputs used during construction.

  • Apr 03, 2019
  • Ahmedabad Firm's Head Arrested For Rs. 88 Crore GST Evasion

    A local firm's promoter has been arrested for allegedly evading Goods and Services Tax (GST) worth Rs. 88 crore by raising fraudulent invoices, officials said Tuesday. The preventive wing of central GST Ahmedabad-South Commissionerate here busted a racket of issuance of fake invoices wherein huge amount of ineligible input tax credit was fraudulently availed and utilised to evade GST payment, an official statement said. Sandeep Agrawal, Chief Managing Director of M/s Kushal Ltd, was arrested on Monday for availing wrong input tax credit of Rs. 88.78 crore on bogus invoices worth Rs. 672.32 crore without receipt of actual goods, according to the statement.

  • Apr 03, 2019
  • GST rates: Restaurant owners seek dual tax regime like in real estate

    The National Restaurant Association of India (NRAI) has appealed to the government to consider introducing a dual goods and services tax (GST), on the lines of what has been done for real estate, for the organised restaurant sector as the withdrawal of input tax credit (ITC) under revised GST rate of 5% for restaurants have hit businesses, NRAI president Rahul Singh told FE. “We are suggesting that let there be an option. Those who want a levy of 5% without ITC and those who want 12% GST along with ITC. Restaurants within hotels are charging 18% with ITC and consumers are not complaining about it,” Singh said.

  • Apr 02, 2019
  • GST collection hits Rs 1.06L crore in March, 2018-19 mopup falls short by Rs 60,000 crore

    Apart from a shortfall of nearly `35,000 crore in direct tax revenue, the Centre seems to have suffered a larger deficit of `60,000 crore or thereabouts in its share of goods and services tax (GST) revenue also for the fiscal year (FY19) that ended on Sunday. Although it apparently made savings to the tune of `14,000 crore under the PM-Kisan programme against the budgeted level (revised estimate or RE), the massive tax revenue deficit must have forced it to cut expenditure, including capex, and not pay a significant part of the dues on subsidies, etc, by the fiscal-end.

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